Today we've chosen to take a look at Cerus Corp. (Nasdaq:CERS) because it is trading within a defined channel pattern. As you can see from the chart below, the horizontal trendlines have caused the price to remain range bound since April 2006. Technical traders regard this formation as a period of consolidation and a break of the barrier is often followed by a sharp uptake in momentum. Given the recent price action, it looks like the bulls are trying to push the price toward the resistance of the $8.75 level. We'll keep our eye on this stock to see if the bulls can put an end to the sideways price action and send the price higher.